Exchanges and Safety
Keeping your coins on exchanges is not recommended. Exchanges have been hacked, closed down, or failed to upgrade when coins go through a fork. Also, wallets on exchanges have been known to be in maintenance for extended periods of time, preventing timely withdrawals!
Always make sure to lock your password protected wallet before exiting. Password strength is definitely something to consider! Adding special character is best practice.
Wallet Encryption and Password Length
Syscoin wallet encryption is based on a 256 bit key. It is generally assumed that password length of about 20 characters is safe – as it would take more than a year to break it using the most powerful computers available today. Best practice is to generate the password with a password manager that allows one to create random passwords of letters, digits, and special characters! Changing the password once a year or more often is best practice.
Check Balances without USing your Wallet
To check you balance in an address you hold, you can simple use https://chainz.cryptoid.info/sys/
and enter your address without using your wallet!
To create and store passwords for your wallet, or to store the private keys to individual addresses that let you retrieve your funds even without the wallet, use free Keepass password manager from https://keepass.info that can be run on any USB stick or SD card, Windows, or Unix system and is highly secure as it is based on a 256 bit encryption key
On Encryption KEY LENGTH
FRee SECURED CLOUD STORAGE
You may also keep an encrypted and renamed version of your wallet.dat file on a ‘end-to-end’ secured cloud platform, like mega.nz that offers 50GB of free storage. In that case, the previous additional step of encrypting and renaming the wallet file as described above adds an additional level of safety!
Simply copy the wallet.dat file to the windows directory required to open your wallet when needed. Save the file on multiple media – as media can fail (especially SD cards!), can get lost, or files may become corrupted for some reason. In windows, the wallet.dat file resides in the following directory:
Free File Encryption Tools
To encrypt a file on your computer that is connected to the web, including your wallet, the Challenger encryption program (256 bit key) https://download.cnet.com/Challenger/3000-
2092_4-10911709.html which is also available as a free version (128 bit encryption key) can be installed on any external device (SD card, USB stick, external HD) or on your desktop computer, also makes theft less likely – especially if you rename the wallet.dat into into something like ‘no10xa44.jpg’, encrypt it and place it in a different folder. This is not optimal, but still better than nothing. Best to use cold storage, see above.
BEST PRACTICE: SAVE YOUR PRIVATE KEY
Holding your coins in ‘cold storage’, i.e. completely disconnected from any computer, is to simply save your private key to the address that holds your coins. You can
then print it out on a small piece of paper and put it in a
safe or store it in an encrypted file using an encryption program.
To retrieve your private keys for an address, follow
1. Unlock your blockmarket desktop wallet (or qt wallet)
2. Open the ‘Console” (just above where your unlock the wallet)
3. Click on ‘Get’ /dumpprivkey
4. Click on ‘Try it Out’
5. Enter your Syscoin address
6. Enter ‘Execute’
7. Go to ‘Response Body’ to retrieve the private key
8. Save the private key on paper or disconnected media USB/SD Card and encrypt it using tools described earlier
9. The private key allows you to retrieve and import your coins into any Syscoin wallet – useful if you lose or have a corrupted wallet.dat file or when your hard disk fails!